Traders Buy AmerisourceBergen (ABC) on Weakness

Investors purchased shares of AmerisourceBergen Corp. (NYSE:ABC) on weakness during trading on Thursday. $36.51 million flowed into the stock on the tick-up and $9.84 million flowed out of the stock on the tick-down, for a money net flow of $26.67 million into the stock. Of all equities tracked, AmerisourceBergen had the 17th highest net in-flow for the day. AmerisourceBergen traded down ($0.01) for the day and closed at $92.59

Several research firms recently weighed in on ABC. Needham & Company LLC lifted their price target on shares of AmerisourceBergen from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, November 22nd. Royal Bank of Canada began coverage on shares of AmerisourceBergen in a report on Tuesday, September 19th. They issued a “sector perform” rating and a $87.00 price target on the stock. Morgan Stanley cut shares of AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a report on Thursday, September 14th. Zacks Investment Research upgraded shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Finally, Robert W. Baird set a $99.00 price target on shares of AmerisourceBergen and gave the company a “buy” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $93.20.

The company has a market capitalization of $20,340.00, a price-to-earnings ratio of 57.15, a P/E/G ratio of 1.60 and a beta of 0.99. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.48 and a current ratio of 0.91.

AmerisourceBergen (NYSE:ABC) last announced its earnings results on Thursday, November 2nd. The company reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.01. AmerisourceBergen had a net margin of 0.27% and a return on equity of 56.29%. The firm had revenue of $39.12 billion for the quarter, compared to analysts’ expectations of $40.10 billion. During the same quarter in the previous year, the business posted $1.30 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. analysts expect that AmerisourceBergen Corp. will post 6.07 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, December 4th. Stockholders of record on Monday, November 20th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, November 17th. This is a boost from AmerisourceBergen’s previous quarterly dividend of $0.37. AmerisourceBergen’s payout ratio is 93.83%.

In other news, CFO Tim G. Guttman sold 11,600 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $82.78, for a total transaction of $960,248.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Peyton R. Howell sold 17,800 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $89.70, for a total transaction of $1,596,660.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 176,364 shares of company stock worth $14,429,980. Company insiders own 27.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in ABC. JPMorgan Chase & Co. raised its position in shares of AmerisourceBergen by 107.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock worth $434,385,000 after purchasing an additional 2,776,287 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of AmerisourceBergen by 660.8% in the 2nd quarter. Janus Henderson Group PLC now owns 2,574,746 shares of the company’s stock worth $243,392,000 after purchasing an additional 2,236,319 shares during the last quarter. Harding Loevner LP raised its position in shares of AmerisourceBergen by 89.6% in the 3rd quarter. Harding Loevner LP now owns 3,166,794 shares of the company’s stock worth $134,939,000 after purchasing an additional 1,496,761 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of AmerisourceBergen by 42.9% in the 2nd quarter. Wells Fargo & Company MN now owns 3,344,441 shares of the company’s stock worth $316,149,000 after purchasing an additional 1,003,327 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of AmerisourceBergen in the 3rd quarter worth about $75,681,000. Hedge funds and other institutional investors own 67.83% of the company’s stock.

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About AmerisourceBergen

AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company’s segments include Pharmaceutical Distribution and Other. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers. As of June 30, 2016, the Pharmaceutical Distribution segment consists of two operating segments, including the operations of AmerisourceBergen Drug Corporation (ABDC) and AmerisourceBergen Specialty Group (ABSG), which distributes specialty drugs to their customers.

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